business news

Air asia

MANILA – AirAsia on Monday stated some 5 million discounted seats for as low as P16 are available from June 17 to June 19. Loyal passengers can book flights from Clark to Cebu, Davao, Cagayan de Oro, Puerto Princesa and Caticlan for as low as P16, the low-cost carrier stated in a recent advisory. The airline proclaimed that flights from Cebu to Caticlan, Macau, Cagayan de Oro, Kuala Lumpur and

Department of Trade and Industry

MANILA, Philippines — The Department of Trade and Industry (DTI) filed a complaint against online marketplace Shopee Philippines for altering the mechanics of its meet-and-greet event with K-pop girl group Blackpink without securing approval from the agency. The number of complaints grew against the online shopping platform for its fiasco to deliver the promised meet-and-greet increased to 148 from just 10 last week, the DTI is also making an evaluation

Emmanuel Piñol

Philippine local hog raisers were advised on Monday to produce more as the Department of Agriculture (DA) supposes a huge market for pork and pork products and mulls over the possibility of exporting this commodity amid the spread of the African Swine Fever (ASF). Agriculture Secretary Emmanuel Piñol told in a brief moment of the DA’s launching of Metrowide Mango Marketing Program, “I would like to appeal to our hog

Bitcoin

MANILA, Philippines — The Bangko Sentral ng Pilipinas continues to address the risks behind the increasing use of virtual or cryptocurrencies in the country. According to BSP Governor Benjamin Diokno, he is not fully swayed about the use of cryptocurrencies in the country since this could be used for terrorism financing. “I think that is my view. So, we will go easy on that,” Diokno stated. Cryptocurrency is a type

Dollar

Foreign currency influxes made the Philippines dollar reserves higher in May, marking its seventh straight month of increases, the central bank said on Friday—a development that bodes well for the strength of the peso and industries that buy raw and intermediate materials from abroad. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a statement that preliminary data showed that the country’s gross international reserves rose to $85.02 billion as

transmission tower

Manila Electric Co.’s (Meralco) customers will find bills lower for the second month in a row in June, this time with a reduction of 19.48 centavos per kilowatt-hour, amid lower prices at the spot market. Meralco said in a statement that this month’s price cut would mean a cut in the bill of about P39 for a typical residential customer that consumes 200 kwh a month. The power distributor added

rise

Malacañang Palace stated on Thursday that it was not worried about the 3.2-percent rise in inflation in May, adding this was still within the range estimated by the Bangko Sentral ng Pilipinas. Salvador Panelo, the Presidential spokesperson made a statement that there was no cause for alarm over the uptick in inflation, and that it does not indicate a reversal in the inflation slowdown. “The 3.2-percent inflation rate in May

Philippine Statistics Authority

MANILA, Philippines —Rise in consumer prices gained pace in May, snapping a six-month slowdown, as prices of food, housing, utilities and fuels accelerated, the Philippine Statistics Authority (PSA) reported last Wednesday. Looking at PSA’s latest data, headline inflation – the rate of change in the average prices of goods and services typically purchased by consumers – rose at a faster pace of 3.2 percent in May from three percent in

money

MANILA – An Indian business group calls for the legalization of “five-six” or the informal micro-lending scheme often associated with Indian money lenders, stating it will benefit both small businessmen and consumers. Five-six schemes are known for having a 20-percent interest on small loans that are payable in a week. In 2016, President Rodrigo Duterte criticized five-six, saying exorbitant interest rates were “killing” the Filipino entrepreneur’s spirit. However, an official

Bureau of the Treasury

The Philippine government loaned more in the first three months of the year to support the Duterte administration’s infrastructure program as well as bridge the projected budget deficit, data from the Bureau of the Treasury broadcasted. The national government’s total borrowings in the first-quarter jumped by 202 percent to P623.6 billion from P206.18 billion in the same period last year and bulk of which was sourced from the domestic market.